The Infrastructure Concession Regulatory Commission’s Director-General, Dr Jobson Ewalefoh, announced the upcoming commencement of the Bakassi Deep Seaport construction, a project valued at 3.5 billion dollars. This was revealed during a meeting where stakeholders endorsed the port project. Ewalefoh expressed confidence in the project’s swift completion under Governor Bassey Otu’s administration in Cross River State. The project will be executed as a Public-Private Partnership (PPP) initiative with funding secured from the African Import-Export Bank. Ewalefoh highlighted the commitment of the state government, streamlined PPP processes, financier acquisition, and stakeholder support as key factors ensuring the project’s success. The port is expected to diversify traffic and support the agricultural sector across Nigeria and Africa. Ewalefoh expressed gratitude to Afreximbank for their support and emphasized Nigeria’s attractiveness for investment. Stakeholders, including the ICRC, Cross River State Government, Nigerian Ports Authority, and Nigerian Shippers Council, endorsed the project during the meeting.
Construction of $3.5bn Bakassi seaport to begin soon – ICRC
